Judge gives ex-Islanders co-owner a 5-year prison reduction

NEW YORK, N.Y. – A former New York Islanders co-owner who received a 10-year prison term for a fraud conviction has gotten his sentence cut in half.

Judge Loretta Preska on Wednesday announced the new five-year sentence for Paul Greenwood in Manhattan federal court.

A federal appeals court this year ordered the resentencing. The 2nd U.S. Circuit Court of Appeals said another judge wrongly based the 10-year sentence in part on a finding that Greenwood had left some individuals financially devastated.

A prosecutor says 98 to 99 per cent of investors’ money had been recovered. She says Greenwood had co-operated fully even before he pleaded guilty in 2010 to securities fraud. He admitted cheating charities, schools and others out of hundreds of millions of dollars.

Speaking by phone from prison Wednesday, Greenwood again apologized.